ALTERNATIVE INVESTMENT REPORT

The Foundation has utilized Trust Company of the West for investments in the alternative investment sector. A summary of the Foundation's alternative investments are as follows:

Capital

Date of	Investment	Balance

Initial	Committee	Amount	As Of

Fund Name	Investment	Authorozation	Invested	6/30/96

TCW Special

Credits Fund V	4/27/94	$10,000,000	$9,500,000	$10,805,646

Alliance Brewing

Group, L.P.	11/29/94	$5,000,000	$4,925,000	$4,821,381

TCW China Auto

Components Fund

L.P.	2/28/94	$3,000,000	$2,910,000	$2,682,016

TCW/Crescent

Mezzanine

Partners, L.P.	8/30/96	$5,000,000	---	---

TCW High Yield

L.P.	3/1/94	$10,000,000	$10,000,000	$11,531,390

NOTE:	This investment is not considered in the alternative investment classification by the Foundation.

A summary of the investment performance of each fund is outlined on the page following this summary.

Included also are individual writeups fo each fund taken from the June 30, 1996 quarterly reports. More detailed reports are available to Investment Committee members if so desired.

Highlights from a 1995 Survey Alternative Investments, Goldman, Sachs & Co.,/Frank Russell Capital, Inc. are as follows:

The 254 largest funds in the United States and Canada have committed $69 billion to alternative investments or 5.5% of total assets

Over next three years 18% of all funds plan to increase target allocation to alternative investments

Buyout funds and venture capital remain the predominant investment strategy

International private equity is most attractive type investment over the next three years

Limited partnerships remain the most common investment vehicle (84%)

Fund managers identified the most critical issue surrounding the private equity industry to be increasing flow of capital directed toward a potentially decreasing supply of attractive investments

A summary of investments by investment type from the aforementioned survey is as follows:

Allocation	Percentage

Of 1995	Of Funds	Bradley

Dollar	That	Foundation

Commitments	Participate	8/31/96

Leveraged

Buyout Funds	43.9%	17.4%

Venture Capital	22.3	25.8

Other	9.0	7.9

Mezzanine

Financing	6.5	10.7	.15%

International

Private Equity	5.8	12.9	1.6%

Distressed

Securities	3.9	9.0	2.41

Oil and Gas

Programs	3.8	8.1

Targeted

Investments	2.4	3.9

Timber or

Farmland	2.4	4.2

100.0%

Note: The 1.6% represents the China investments. These could also be classified as venture capital.

Alternative investments are a potentially valuable addition to a portfolio because of their low correlation with domestic fixed income and equity securities. This low correlation feature provides effective reduction of portfolio risk. In addition, alternative investment strategies provide effective diversification with relatively high rates of return.

The Foundation's investments to date have evolved and to some extent have been driven by investment manager marketing. A 10% commitment to the alternative investment area requires a more formal alternative investment strategy. Would the Investment Committee consider using an independent consultant to assist in the development of a long-range alternative investment strategy?